No one dreams of the day they have to start looking for bankruptcy lawyers. However, it's important to contact a bankruptcy attorney once the facts of your financial situation call for it. If you're unsure if you need to file for bankruptcy, here are four potential signs.
Not Paying Down Principal
This is one of the biggest signs it might be time to speak with a bankruptcy lawyer. If you're only keeping up with interest payments and not paying down the principal on your debts, that's a bad situation.
- If you are having financial difficulty, you may be considering bankruptcy. An important part of the process is disclosing all of your assets and property you own. If you do not knowingly provide accurate information regarding your assets, you can get in trouble and be found guilty of bankruptcy fraud. Here is what you need to know. What Is Bankruptcy Fraud? If you accidentally forget to disclose an asset during your bankruptcy filing, you can always disclose it as soon as you realize you have done so.
- Filing for bankruptcy has always been viewed as a disgraceful thing. People can make smearing remarks about you being bankrupt, but should it deter you from filing a Chapter 7 bankruptcy? No, filing for bankruptcy has upsides and shortcomings. Consult a Chapter 7 bankruptcy lawyer to understand the repercussions and Chapter 7 bankruptcy law. Here are ways that Chapter 7 bankruptcy can be great for you. 1. Most Debts Are Erased
- Given the choice, many of those filing chapter 7 would choose debt relief over a lot of other things. You might not have to make those choices, though. In many cases, the effects of chapter 7 on your personal financial picture are not as bad as you might fear. To find out how signing a lease on an apartment or home could be negatively affected by a filing, read on.
- Navigating America's Chapter 13 bankruptcy law system can be a challenge. If you're planning to file for Chapter 13 bankruptcy, here are four potential mistakes an attorney will tell you to watch out for. Failing to List All Creditors When you petition the court for relief, you must list all of the creditors that are relevant to the case. Any unlisted creditor will not be subject to the automatic stay. That means they'll be able to continue collection actions and harassing communications.